Cash Gasoline in Gulf Coast, NYH Halts Price Slide Friday
BURLINGTON, Vt. (DTN) -- Spot market gasoline prices at the Texas Gulf Coast
and in New York Harbor brought to a close, at least for this week, the
incessant decline in basis that has taken a major bite out of the pre-hurricane
price surge in RBOB futures and physical spot market prices.
Cash diesel fuel prices moved mixed, tracking a fractional advance in
benchmark New York Mercantile Exchange ULSD futures.
Trading in regional bulk markets was lackluster in front of the weekend
trading break.
The number of active oil rigs in the United States is down five from prior
Friday to 744, Baker Hughes, Inc. reported this afternoon. The decline marks
the third straight week and the sixth week since the start of August in which
the oil rig count has fallen. At 744, the number of operating U.S. oil rigs is
down 12 so far in the third quarter and up 326 versus year prior.
October RBOB futures rallied 2.46cts to $1.6684 gallon at settlement to
finish the week up 0.67cts, and the November contract ramped up 1.95cts to
$1.6261 gallon at today's formal session close.
October ULSD futures edged up 0.1cts to $1.8163 gallon at settlement to end
the week up 1.75cts, and November futures posted a 0.12cts advance to $1.8086
gallon.
November WTI crude oil futures finished $0.11 on positive ground at $50.66
bbl and climbed $0.77 during the week.
Gulf Coast 11.5-lb. M3 regular no lead sold at a 4.0cts November futures
premium for 55th cycle Colonial Pipeline transport that boosted spot price by
0.78cts to $1.6661 gallon, and v3 unleaded premium was rated at an 11.75cts
regrade.
F4 13.5-lb RBOB at the Gulf was assessed at a 0.5cts MERC discount that
bumped notional spot price up 0.48cts to $1.6211 gallon, and H4 PBOB was marked
at a 22.75cts regrade.
A3 CBOB sold at MERC level for 55th cycle CPL transport lifting spot price
0.73cts higher to $1.6261 gallon, and D3 premium CBOB maintained a 16.5cts
regrade.
New York Harbor F4 winter grade 13.5-lb. RBOB surged 2.71cts to $1.6909
gallon, trading prompt at a 2.25cts October futures premium, and was heard
offered 1.25cts over the MERC for any month barge lifting. A4 CBOB was tagged
at par with F4 RBOB for prompt trade.
Octanes gained ground on the futures rally with H4 PBOB assessed at a
30.0cts futures premium, and high-octane CBOB 35.0cts over the October futures
print.
Gulf Coast 62-grade ultra-low sulfur diesel fuel backtracked 0.63cts to
$1.7671 gallon, trading for shipment on Colonial Pipeline's 56th cycle at a
4.15cts November futures discount.
New York Harbor ULSD was offered with options for barge or Buckeye Pipeline
transit at a 0.5cts October futures premium moving implied spot price 0.35cts
above its Thursday DTN closing market posting to $1.8188 gallon.
G.Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2017
DTN. All rights reserved.